Sunday 12, March 2017 by Georgina Enzer

UNB has no plans to merge with other banks says CEO

The Union National Bank (UNB) has no intention of merging with any other bank, its chief executive officer (CEO) announced at the Bank's AGM held in Abu Dhabi, according to WAM.

''There are no formal procedures or any intention to merge UNB with any other banking institutions,'' said Mohammed Nasr Abdeen, UNB CEO. ''There is the plan to issue bonds, unless we see an expansion in borrowing or good investment return,'' he said.

Abdeen is expecting the banking sector to grow by five per cent to 10 per cent in 2017, driven by stable oil prices.

Features & Analyses